MUMBAI: India’s largest lender SBI on Friday reported a 20 per cent fall in standalone net profits for the quarter ended June 2017 amidst an increase in provision for bad loans. This is the first quarterly result from SBI after merging with five of its associate banks with it from April 1, 2017. The bank posted a standalone net profit of Rs 2,006 crore during the April-June period as compared to Rs 2,521 crore reported during the same period last year.
On the other hand, its consolidated net profit, which includes income from both banking as well as non-banking operations surged 436 per cent. However, the bank saw further deterioration in its asset quality for the quarter with the non gross performing assets soaring 86 basis points to 9.97 per cent.